Examlex
Sam Geller had earned (accumulated) salary of $99,000 through November 30. His December salary amounted to $9,000. Lara Lane began employment on December 1 and will be paid her first month's salary of $6,000 on December 31. Income tax withholding for December for each employee is as follows: The following payroll tax rates are applicable:
*Less a credit equal to the state unemployment contribution
Instructions
Record the payroll for the two employees at December 31 and record the employer's share of payroll tax expense for the December 31 payroll.
Weekly Pay
Compensation paid to employees on a weekly basis.
Hourly Rate
The amount of money paid for each hour of work, commonly used for calculating wages of part-time or contract employees.
Gross Pay
The total amount earned by an employee before any deductions or taxes are applied.
FICA-OASDI
Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance, a U.S. payroll tax to fund Social Security.
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